SITE Centers Corp. (the “Company”) has provided notice of its
intent to redeem all of its outstanding 6.250% Class K
Cumulative Redeemable Preferred Shares, without par value (the
“Class K Preferred Shares”), and the related depositary
shares, each representing 1/20th of one Class K Preferred
Share (NYSE: SITC PRK - CUSIP No.: 23317H 805) (the “Depositary
Shares”). Pursuant to the provisions of the Company’s Fourth
Amended and Restated Articles of Incorporation, the Company is
undertaking actions to redeem all of the 300,000 outstanding
Class K Preferred Shares, represented by 6,000,000 Depositary
Shares, on or about April 7, 2021 (the “Redemption Date”).
The Class K Preferred Shares and corresponding Depositary
Shares will be redeemed at a redemption price of $507.2049 per
Class K Preferred Share or $25.3602 per Depositary Share (the
“Redemption Price”) (i.e.,
the sum of $500.00 per Class K Preferred Share plus accrued
and unpaid dividends of $7.2049 per Class K Preferred Share to
the Redemption Date or $25.00 per Depositary Share plus accrued and
unpaid dividends of $0.3602 per Depositary Share to the Redemption
Payment of the Redemption Price shall be made on or after
April 7, 2021 as soon as practicable after presentation and
surrender of receipts evidencing Depositary Shares to Computershare
Shareowner Services LLC at one of the following addresses:
Attn: Corporations Actions
P.O. Box 43014
Providence, RI 02940-3014
By Overnight Delivery:
Attn: Corporate Actions
150 Royall Street
Canton, MA 02021
Holders who hold their Depositary Shares in book-entry form will be
issued checks automatically and are not required to present and
surrender receipts evidencing Depositary Shares.
On and after the Redemption Date, the Class K Preferred Shares
and corresponding Depositary Shares that are redeemed shall no
longer be deemed to be outstanding and all rights with respect to
such shares shall forthwith cease and terminate (including, but not
limited to, the right to receive dividends from and after the
Redemption Date) except only the right of the holders thereof to
receive, out of the funds so deposited in trust, from and after
such date, the Redemption Price, without interest.
The Company intends to use the net proceeds of its previously
announced public offering of its common shares to redeem the
Class K Preferred Shares and the related Depositary Shares.
Any remaining proceeds will be used for general corporate purposes.
The Company sold 15,000,000 common shares in the offering, which
closed on March 4, 2021.
The Company expects to record a charge of approximately
$5.1 million to net loss attributable to common shareholders
in the second quarter of 2021 relating to the write-off of the Class K Preferred
Share original issuance costs.